Fluid ISA Bond 1 Limited

Reaper

I see Fluid has been set up with a classic structure that waves red flags for me:

Fluid’s brochure makes much of the fact that its bridging loans are secured on property.
However, investors are not investing directly in secured loans, but in loans to Fluid Lending Limited, which in turn uses the money for secured loans. These loans to Fluid Lending Limited are not secured

[Source: Bond Review]

And of course unregulated so unprotected. Regardless of what is happening with NPI it's not an investment I would go anywhere near.

Rob_ronson

Well here’s a turn up for the books… I traced ansar mahmood, one of the key players in the fluid Isa… and here’s another company he’s linked to, in the same office!!!!
As everyone on the fluid team seems to have lost the use of their phones and emails, I’m going to try to see if there’s life in that building on that number….

masonic

I'm sorry to say I think Fluid Trust plc and related companies have been placed in administration. See the following, filed today: https://find-and-update.company-information.service.gov.uk/company/11212930/filing-history/MzMyOTUzMDY1M2FkaXF6a2N4/document?format=pdf&download=0

Leonard Curtis is a firm of insolvency practitioners (they recently dealt with the failure of the small stockbroker, SVS Securities). I expect a notification of their appointment will appear shortly.

Rob_ronson

just to update, I’ve been chatting to another unfortunate chap who’s been done out of a significant amount of capital by Fluid.
I’ve done a bit of digging into Ansar Mahmood , the ceo of fluid; I’ve discovered he’s seemingly running at least 2 other financial companies from the same premises in Manchester that he was running Fluid from. 

I’ve reported the company for fraudulent behaviour; whether I’ve got a case or not remains to be seen but I will certainly update this forum with the outcome 

Rob_ronson

Just to add, one such company is called Pomegranate Consulting, in case like myself anyone feels like trying to contact ansar mahmood in the absence of any response from Fluid…
I wasn’t allowed to post the link.

eskbanker

Rob_ronson said:

I’ve reported the company for fraudulent behaviour; whether I’ve got a case or not remains to be seen but I will certainly update this forum with the outcome 

Out of curiosity, what actual evidence of fraudulent behaviour have you identified and to whom did you report it?  There's nothing inherently wrong or even suspicious about multiple companies being run from the same premises as such, so in itself that's not a particularly significant issue....

masonic

Rob_ronson said:

Just to add, one such company is called Pomegranate Consulting, in case like myself anyone feels like trying to contact ansar mahmood in the absence of any response from Fluid…
I wasn’t allowed to post the link.

I would tread carefully if I were you. Mahmood isn't personally liable for your money (unless and until it is established in court he has acted contrary to the interests of creditors). There is a risk, therefore, that your actions could be construed as harassment, particularly if it becomes a team sport.

A more productive action would be to contact LC to find out the current status of the companies. If in administration already, then it is simply a waiting game. If LC is in the process of implementing a business recovery plan, then that would be useful to know too. Of course they might not be very forthcoming, but it would be in everyone's interests to understand the current circumstances of the businesses and to set expectations accordingly.

Rob_ronson

A more productive action would be to contact LC to find out the current status of the companies. If in administration already, then it is simply a waiting game. If LC is in the process of implementing a business recovery plan, then that would be useful to know too. Of course they might not be very forthcoming, but it would be in everyone's interests to understand the current circumstances of the businesses and to set expectations accordingly.

You  are probably right… however a month of having emails ignored, aided and abetted by the thought that various individuals are feathering their nests with my hard earned readies, accelerated the demise of my patience and led me to try to reach out directly to the head of that company..!!

maybe it’s just a case of sitting it out and hoping for a favourable outcome, although the continued lack of response from Fluid doesn’t bode well.

masonic

Rob_ronson said:

A more productive action would be to contact LC to find out the current status of the companies. If in administration already, then it is simply a waiting game. If LC is in the process of implementing a business recovery plan, then that would be useful to know too. Of course they might not be very forthcoming, but it would be in everyone's interests to understand the current circumstances of the businesses and to set expectations accordingly.

You  are probably right… however a month of having emails ignored, aided and abetted by the thought that various individuals are feathering their nests with my hard earned readies, accelerated the demise of my patience and led me to try to reach out directly to the head of that company..!!

maybe it’s just a case of sitting it out and hoping for a favourable outcome, although the continued lack of response from Fluid doesn’t bode well.

The good news is the change of registered address indicates LC will have significant oversight of the businesses, so the risk of any nefarious behaviour is very much diminished. Bad debt in the lending business would therefore be the primary source of bondholder losses, rather than fraud. That is not to say there weren't failings in the lending business or unfair marketing to prospective bondholders. Writing-off ~50% of the money lent in the last published accounts would suggest otherwise.

Rob_ronson

Thanks for this… you clearly have significant experience in such matters, I feel somewhat reassured and will endeavour to sit it out.
I’ll also pass this info on to a chap with whom I’ve formed something of a mutual support group, he stands to lose considerably more than me so hopefully this will create a bit of light at the end of what is currently a very dark tunnel!!